CleanSpark, Inc. (CLSK) saw its stock soar 5.04% in pre-market trading on Friday, following the release of its impressive third-quarter fiscal 2025 earnings report. The bitcoin mining company significantly outperformed analysts' expectations, demonstrating robust growth and profitability.

The company reported earnings per share of $0.78 on a diluted basis, far surpassing the analyst estimate of $0.30. This represents a dramatic turnaround from the $1.03 per share loss recorded in the same quarter last year. Revenue nearly doubled year-over-year, increasing 90.8% to $198.6 million, slightly below the consensus estimate of $199.2 million.

CleanSpark's stellar performance can be attributed to several factors. First, the company's operational hashrate reached 50 exahash per second (EH/s) in June 2025, up from 27.6 EH/s in September 2024, representing an increase of more than 80% in less than a year. This expansion allowed CleanSpark to manage 5.8% of the global bitcoin network's computational power. Additionally, the company benefited significantly from rising bitcoin prices, booking a $268.7 million gain from marking its bitcoin holdings to fair value. The positive results, coupled with the broader crypto market optimism fueled by recent developments such as the potential for private assets in 401(k)s and the resolution of the Ripple-SEC case, have contributed to the stock's upward movement.